Business
Neurocrine Biosciences Reports Fourth Quarter and Fiscal 2022 Financial Results and Provides Financial Expectations for 2023
INGREZZA® (valbenazine) Fourth Quarter Net Product Sales of $399 Million INGREZZA® (valbenazine) 2023 Net Product Sales Guidance of $1.67 - $1.77 Billion
About this update from Neurocrine Biosciences, Inc.
[{"type":"text","content":"INGREZZA® (valbenazine) Fourth Quarter Net Product Sales of $399 Million\nINGREZZA® (valbenazine) 2023 Net Product Sales Guidance of $1.67 - $1.77 Billion\nEnrollment Complete in Adult and Pediatric Registrational Studies of Crinecerfont for the Treatment of Congenital Adrenal Hyperplasia\nTop-Line Data for Clinical Programs in Congenital Adrenal Hyperplasia, Focal Onset Seizure and Anhedonia in Major Depressive Disorder Expected in the Second Half of 2023\nSAN DIEGO, Feb. 6, 2023 /PRNewswire/ -- Neurocrine Biosciences, Inc. (Nasdaq: NBIX) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2022 and provided financial guidance for 2023.\n\n \n \n \n \n \n \n\n \n\"We enter this year with tremendous momentum aiming to help the 7 out of 10 patients living with tardive dyskinesia in the U.S. who have not received a proper diagnosis for their uncontrollable movement disorder,\" said Kevin Gorman, Ph.D., Chief Executive Officer of Neurocrine Biosciences. \"Our capital allocation priorities remain: Invest in INGREZZA and in our pipeline. Enrollment is now complete in both the adult and pediatric registrational studies of crinecerfont for the treatment of congenital adrenal hyperplasia and we look forward to sharing the top-line data this year. With INGREZZA growing and our pipeline advancing, the fundamentals of our business are strong as we advance on our mission to be a leading neuroscience company.\"\nThree Months Ended\nDecember 31,\nTwelve Months Ended\nDecember 31,\n(unaudited, in millions, except per share data)\n2022\n2021\n2022\n2021\nRevenues:\nProduct sales, net\n$ 404.6\n$ 303.5\n$ 1,440.9\n$ 1,090.1\nCollaboration revenue\n7.4\n8.5\n47.8\n43.4\nTotal revenues\n$ 412.0\n$ 312.0\n$ 1,488.7\n$ 1,133.5\nGAAP Research and Development (R&D)\n$ 118.0\n$ 87.4\n$ 463.8\n$ 328.1\nNon-GAAP R&D\n$ 103.9\n$ 75.2\n$ 406.1\n$ 279.7\nGAAP Selling, General and Administrative (SG&A)\n$ 182.9\n$ 156.5\n$ 752.7\n$ 583.3\nNon-GAAP SG&A\n$ 151.8\n$ 133.1\n$ 635.6\n$ 497.5\nGAAP net income (loss)\n$ 89.0\n$ (7.3)\n$ 154.5\n$ 89.6\nGAAP earnings (loss) per share – diluted\n$ 0.88\n$ (0.08)\n$ 1.56\n$ 0.92\nNon-GAAP net income\n$ 124.7\n$ 4.3\n$ 343.2\n$ 185.8\nNon-GAAP earnings per share – diluted\n$ 1.24\n$ 0.04\n$ 3.47\n$ 1.90\n(unaudited, in millions)\nDecember 31,\n2022\nDecember 31,\n2021\nTotal c...